Herman Miller, Inc. has a market cap of $1.3 billion; its shares were traded at around $22.26 with a P/E ratio of 15.6 and P/S ratio of 0.7. The dividend yield of Herman Miller, Inc. stocks is 1.7%. Herman Miller, Inc. had an annual average earning growth of 7.8% over the past 10 years.

Highlight of Business Operations:

For the first six months of fiscal 2013, net sales were $891.5 million; a decrease of $12.2 million from the same period last year. The decrease in net sales was largely driven by the extra week of operations in the prior year period and the sale of a dealer during the second quarter of fiscal 2012. These items had the effect of decreasing net sales in the current period by approximately $32 million and $7 million, respectively. Foreign exchange rate changes also decreased net sales by approximately $6 million in the first six months of fiscal year 2013. These factors were partially offset by the fourth quarter fiscal 2012 acquisition of POSH, which accounted for approximately $27 million in net sales in the first half of fiscal 2013. Also, the capture of recent price increases (net of deeper discounting) increased net sales in the first half of fiscal 2013 by

Operating earnings in the second quarter were $17.5 million, a decrease of $23.2 million compared to the same period last year. This decrease primarily relates to legacy pension costs of $18.8 million. The year-to-date operating earnings were $51.8 million compared to the year-to-date operating earnings of $82.5 million for fiscal 2012. The largest contributor of this decrease was the legacy pension costs of $20.5 million.

Year-to-date net sales within North America decreased 4.2 percent to $625.0 million. The divestiture of the California dealer during the second quarter of fiscal 2012 led to approximately a $7 million decrease in both net sales and orders during the first six months of fiscal 2013. The impact of net changes in pricing is estimated to have had a $6 million increase on net sales for the second quarter year-to-date as compared to fiscal 2012. The extra week of operations in the first six months of fiscal 2012 contributed approximately $23 million in net sales. The impact of foreign currency changes was to decrease the second quarter year-to-date fiscal 2013 net sales by approximately $0.5 million compared to the same period in the prior fiscal year. The first six months of fiscal 2013 also experienced a $40 million decrease in sales to the U.S. federal government. The remaining change in net sales was primarily driven by increased volumes.

Year-to-date operating earnings for North America decreased to $36.6 million. This decrease in operating earnings primarily relates to legacy pension costs of $19.3 million. The extra week of operations in the first six months of fiscal 2012 contributed an estimated $1.8 million additional operating earnings. Warranty expenses for the period were lower by approximately $2.5 million due primarily to lower customer specific claims in the period compared to the prior year. In addition, North America had a decrease of approximately $2.5 million in employee incentive expenses during the first six months of fiscal 2013 compared to the same period in the prior year. The remaining decrease in the year-to-date operating earnings was due to a shift in product mix and lower volumes driving lower leverage from production.

Year-to-date net sales within Non-North America increased $15.0 million to $187.4 million. The extra week of operations in the first quarter of fiscal 2012 contributed approximately $6 million in net sales. Additionally, net sales increased approximately $27 million in the first six months of fiscal 2013 from the acquisition of POSH. The impact of net changes in pricing is estimated to have had a $1.5 million decrease on net sales during the first half of fiscal 2013 over the first half of fiscal 2012. The impact of foreign currency changes was to decrease the second quarter year-to-date fiscal 2013 sales by approximately $5.5 million compared to the same period in the prior year. The remaining change in net sales was primarily driven by increased volumes.

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